January 2015: Central Bankers and Sheiks
 Shake the World

Download: Coxe Strategy Journal: January 2015

As we appraise the World of 2015, this is the second time in history the policy decisions of these two elite groups will be crucial to how the global economy evolves.  (The last time was 1974.) 
The oil industry has lost the warm fuzziness of its Saudi security blanket and our target price for oil in 2015 is $55, (and not soon to be reached). 
The policy shifts among global central banks have resulted in preposterously low—or even negative—yields on high-quality government bonds. They have injected a new kind of risk into bond markets.
Volatility has returned to the markets.
In this issue, we discuss the coming demise of the Bond Bull and the onset of a global economic recovery, as the forces of cheap oil and cheap money combine.